Leading Online Commercial Real Estate Funding Platform Lev Raises $ 30 Million in Series A Funding
NEW YORK, July 20, 2021 / PRNewswire / – Lev, the leading online commercial real estate finance transaction platform, today announced a Series A of $ 30 million led by Greenspring, with participation from First American Financial. The round was joined by existing investors including NFX, Canaan Partners, JLL Spark, Animo Ventures and Ludlow Ventures. The amount raised is one of the largest to date in the field of Commercial Real Estate Finance (CRE), and will contribute to Lev’s mission to help CRE investors obtain the best financing for their properties in combining the collective knowledge of Lev’s team of experts with hundreds of millions of data points.
“CRE is a huge space, with an addressable market of more than 40 billion dollars for CRE funding only, but the industry has taken root in an outdated, slow workflow to leverage technology to help put its customers first, ”said Yaakov Zar, founder and CEO of Lev. “We hope to change that by reimagining the entire experience to provide our customers with the smooth, transparent, fast and fair workflow they expect and deserve. We recognize that there is a unique human factor in every transaction; Lev aims to empower the people behind the transaction and make them smarter and more efficient. “
The funds raised will be mainly used to expand the team of Lev, in their headquarters in New York, the R&D center in Miami and Los Angeles outpost, as well as by distant positions. Ongoing investments will be made in product development and to expand Lev’s services. Lev closed around $ 100 million loans in 2020, their first year of existence, and should close $ 1 billion in 2021.
“Since we started working with Lev, we have been repeatedly impressed with their in-depth knowledge of CREF and their ability to execute all types of complex transactions,” said Steven kachanian, Managing Director at Klosed Properties. “The expertise brought by Lev’s team, combined with tools that help my team and I stay on top of the progress of our transaction, clearly shows that they have envisioned and redefined the entire process of financing, and more. “
Lev is the complete transaction platform for the lifecycle of a commercial real estate investment, from analysis, financing and closing to monitoring, maintenance and, when the time comes, provision. Lev products are designed by an in-house team combining their knowledge of capital markets with cutting-edge technology, processing a wealth of loan data through custom machine learning software to handle even the most complex transactions.
“We firmly believe that Lev is leading the way in the future of the industry by providing technology that not only makes transactions more efficient, but ensures that their clients get the best financing, with the best experience,” said Hunter Somerville, general partner at Greenspring Associates. “And Lev does all of this by working with some of the largest and most established organizations in the industry. Their drive and tenacity to truly improve this industry is a vision that we believe will not only come to fruition, but set the standard for CRE’s future, and we are thrilled to be a part of it. “
For more information, please visit www.levcapital.com.
Lev helps commercial property owners and investors obtain the best financing for their properties. Lev’s capital markets experts are equipped with machine learning technology to help you understand your portfolio, identify the best lender for each deal and close the deal quickly, keeping clients informed every step of the way. . Founded in 2019 and based in SoHo in New York City, Lev transactions on all types of assets, nationwide. For more information visit www.levcapital.com
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SOURCE Lev Capital